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Brazil:
Economy

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Economy - overview
Definition
Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries and is expanding its presence in world markets. Having weathered 2001-03 financial turmoil, capital inflows are regaining strength and the currency has resumed appreciating. The appreciation has slowed export volume growth, but since 2004, Brazil's growth has yielded increases in employment and real wages. The resilience in the economy stems from commodity-driven current account surpluses, and sound macroeconomic policies that have bolstered international reserves to historically high levels, reduced public debt, and allowed a significant decline in real interest rates. A floating exchange rate, an inflation-targeting regime, and a tight fiscal policy are the three pillars of the economic program. From 2003 to 2007, Brazil ran record trade surpluses and recorded its first current account surpluses since 1992. Productivity gains coupled with high commodity prices contributed to the surge in exports. Brazil improved its debt profile in 2006 by shifting its debt burden toward real denominated and domestically held instruments. LULA DA SILVA restated his commitment to fiscal responsibility by maintaining the country's primary surplus during the 2006 election. Following his second inauguration, LULA DA SILVA announced a package of further economic reforms to reduce taxes and increase investment in infrastructure. The government's goal of achieving strong growth while reducing the debt burden is likely to create inflationary pressures.
GDP (purchasing power parity)
Definition - World rank and map
$1.836 trillion (2007 est.)
GDP (official exchange rate)
Definition
$1.314 trillion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$9,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 5.5%
industry: 28.7%
services: 65.8% (2007 est.)
Labor force
Definition
99.47 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 20%
industry: 14%
services: 66% (2003 est.)
Unemployment rate
Definition - World rank and map
9.3% (2007 est.)
Population below poverty line
Definition
31% (2005)
Household income or consumption by percentage share
Definition
lowest 10%: 0.9%
highest 10%: 44.8% (2004)
Distribution of family income - Gini index
Definition - World rank and map
56.7 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
3.6% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
17.6% of GDP (2007 est.)
Budget
Definition
revenues: $244 billion
expenditures: $219.9 billion (FY07)
Public debt
Definition - World rank and map
45.1% of GDP (2007 est.)
Agriculture - products
Definition
coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus; beef
Industries
Definition
textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment
Industrial production growth rate
Definition - World rank and map
4.9% (2007 est.)
Electricity - production
Definition - World rank and map
396.4 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
368.5 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
1,920.2 kWh (2005)
Electricity - exports
Definition
160 million kWh (2005)
Electricity - imports
Definition
39.2 billion kWh; note - supplied by Paraguay (2005)
Oil - production
Definition - World rank and map
1.59 million bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
2.1 million bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
10.9 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
278,400 bbl/day (2005)
Oil - imports
Definition - World rank and map
674,500 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
13.9 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
9.37 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
17.85 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
93 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
8.478 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
312.7 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$3.555 billion (2007 est.)
Exports
Definition - World rank and map
$160.6 billion f.o.b. (2007 est.)
Exports - commodities
Definition
transport equipment, iron ore, soybeans, footwear, coffee, autos
Exports - partners
Definition
US 14.2%, China 9.2%, Argentina 8.3%, Germany 4.4%, Netherlands 4.3% (2006)
Imports
Definition - World rank and map
$120.6 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics
Imports - partners
Definition
US 20%, China 8.9%, Argentina 8.1%, Germany 7.6% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$180.3 billion (31 December 2007)
Debt - external
Definition - World rank and map
$223.9 billion (31 December 2007)
Stock of direct foreign investment - at home
Definition
$249 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$107 billion (2007 est.)
Market value of publicly traded shares
Definition
$711.1 billion (2006)
Economic aid - recipient
Definition
$191.9 million (2005)
Currency (code)
Definition
real (BRL)
Exchange rates
Definition
reals per US dollar - 1.85 (2007 est.), 2.1761 (2006), 2.4344 (2005), 2.9251 (2004), 3.0771 (2003)
Fiscal year
Definition
calendar year


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